FIT Hon Teng Announces Unaudited Results for the Third Quarter of 2024
Date
11/12/2024 8:35:09 AM
(MENAFN- Think Alliance Group) Strong demand for AI products and a better product mix improved third-quarter results
(Hong Kong, November 12, 2024) – FIT Hon Teng Limited (“FIT”, SEHK stock code: 6088) today announced its unaudited consolidated results for the three months and nine months ended September 30, 2024.
• Revenue for the first nine months of 2024 rose 9.9% to US$3,241 million, and for the third quarter of 2024 increased 0.8% to US$ 1,174 million.
• Net profit from continuing operations for the first nine months of 2024 increased by 117.8% to US$101 million and for the third quarter of 2024 increased by 23.9% to US$68 million.
For the three months ended September 30, 2024 (“3Q 2024”), FIT’s revenue amounted to US$1,174 million, representing a 0.8% increase from US$1,165 million in the same period of 2023. The increase in revenue in the third quarter of 2024 was mainly due to the rise in demand for AI products, which helped offset the weaker consumer electronics market. For the first nine months of 2024, FIT’s revenue reached US$3,241 million, representing a year-on-year increase of 9.9% as compared to US$2,949 million in the same period of 2023.
FIT’s net profit from operations for the 3Q 2024 increased by 23.9% to US$68 million from US$55 million in the same period last year. The recovery in operating profit was mainly due to an improved product mix and enhanced management efficiency. Meanwhile, its net profit for the first nine months of 2024 grew by 117.8% from US$46 million to US$101 million for the same period last year.
Commenting on FIT’s results, Mr. Sidney Lu, Chairman and CEO, said, “Despite the weakness in the consumer electronics and mobility market during the third quarter, we are pleased with our results, which were bolstered by strong demand for connectivity solution for AI rack and our team's effective cost management efforts. We will continue to pursue our three major industry directions, driving the development of next-generation platform and profit margin expansion strategies to shape the future and generate value for our shareholders.”
About FIT Hon Teng
Foxconn Interconnect Technology (FIT) is a leading global solutions developer and manufacturer cultivating connectivity for a better world. With unsurpassed capabilities in development, research, manufacturing engineering and design, production, supply chain, and go-to-market planning for world class brands and private label products spanning B2C and B2B categories, FIT is at the forefront of worldwide technological trends delivering compelling user experiences at scale. With offices and manufacturing sites located in Asia, the Americas and Europe, FIT is a global leader in the manufacturing of high precision interconnect components. For more information, visit FIT’s website: fit-foxconn
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